The Hindu Business Line : The ways of the rich <I> </I>

Wealth is inherited or earned and is occasionally a windfall too. What does one do with it when one is fabulously wealthy? What a Midas would have done need not be elaborated. That apart, wealth is spent in surprisingly varied ways. But for `charity', we would not have many renowned universities around the world, particularly in the US. This is the background of the Annamalai and Alagappa Universities in South India, as also numerous institutions founded by the Tata and Birla families. Extension of this gesture to the other spheres in society culminates in the concept of `social responsibility of business'.

Inspiring instance

Recently, Warren Buffet stunned the world by donating billions of dollars to the Bill and Melinda Gates Foundation, while he could have bequeathed the entire amount to his heirs or founded charities named after him. At a different level, there was that inspiring instance of a forklift driver in a Ford unit (US), who worked hard, often without availing himself of holidays, thus earning huge amounts, only to donate $1,000,000 to charity!

There are also many other ways in which people tend to spend their wealth. One such is what is expended in the gratification of one's ego and vanity. Frequently, we come across expressions such as `conspicuous consumption' and `Domino effect' in the consumption pattern of people. How else to understand assured demand for limousines costing crores of rupees?

Again, what to say of odd articles and curios, procured by some millionaires in auctions? The desk at which Edward VIII sat and signed his abdication of the British throne was sold for £2,53,000. Similarly, the turban of a Patiala ruler was auctioned for $170,000. What do these speak of?!

Second-hand bargains

Again, how funny it is to learn that during the recent Christmas and New Year season, an estimated £4 billion worth of gifts were entirely unwanted! The recipients of most of these gifts — jewellery, accessories, etc — just wished to sell them away as second-hand bargains. What a waste of money!

Baffling is the craze of some individuals for archaic coins and currencies. An American collector of coins was willing to pay $4,00,000 for a copper penny minted in 1792. Likewise, a collector from California paid $8.5 million for a few coins of the 1830s. What is the rationale? Not easily comprehended.

More amusing is that a numismatist, an Indian, was ready to pay Rs 5.5 lakh for a 50 rupee note of the 1820s in a New Delhi auction. The oddity apart, is this indication that India also is growing rich?

(The author is a Bangalore-based freelance writer.)